• May 22, 2024

Beyond bytes and bots: Tata Play CFO’s GenAI-powered vision for Finance

Beyond bytes and bots: Tata Play CFO’s GenAI-powered vision for Finance

In today’s digital age, the Tata Play CFO, G. Sambasivan, envisions a financial landscape where generative artificial intelligence (GenAI) isn’t just a trendy tool, but a core strategic pillar. In this article, he reflects on the possibilities and potential of GenAI in finance.

Small steps, big impact

Since 2013, Tata Play has been on a continuous improvement journey, starting with simple automation and progressing to robotic process automation (RPA), intelligent automation, and now, the rapidly evolving field of GenAI. This 11-year journey has seen Artificial Intelligence (AI) projects successfully integrated across various functions, including supply chain and tax.

We are now exploring GenAI’s potential in finance. Instead of chasing trends, we are trying to focus on identifying specific problems that AI can solve. If it is the right fit, practical and cost-effective solutions are sought, often favouring open-source options like readily available LLM models.

These initiatives bring valuable improvements, but they are small-scale compared to the grand visions of AI transformation often touted in the industry. In finance, the scope for large-scale GenAI implementation may be more limited.

Cultivating the art of inquiry in an AI-driven world

GenAI’s capabilities can seem almost magical, but unlocking its potential requires effective communication—knowing how to ask the right questions. Traditionally, education has laid undue emphasis on teaching students how to answer questions, not how to ask them. However, the quality of our questions determines the value of the answers we receive, especially with a powerful tool like GenAI.

Developing the ability to ask insightful questions is a crucial skill that many need to develop. It’s not a natural instinct, but it will become increasingly valuable as AI plays a larger role in our lives.

Cybersecurity in the data-driven era

Data, particularly data privacy, is paramount. With India’s upcoming Digital Personal Data Protection Act (DPDPA), data governance will become even more critical. Companies must adopt robust measures to ensure compliance and safeguard sensitive information.

The growing volume of data also increases the risk of cyberattacks and data breaches. Companies must remain vigilant and invest in comprehensive security measures.

Ensuring data quality is a major challenge, especially with GenAI and the Internet. When anyone can contribute data online, maintaining accuracy becomes difficult. Data privacy regulations, while essential, can also hinder our ability to filter out inaccurate or malicious information.

The perils of perception manipulation

Coordinated efforts to manipulate online narratives are a real concern. For instance, misleading election content targeting the former US president, orchestrated through online campaigns and reinforced by GenAI, illustrate how easily public perception can be influenced. Data manipulation can have far-reaching consequences, even influencing political discourse. This raises questions about the responsibility of tech companies, regulators, and society to address this issue and promote a more honest online environment.

Technology for efficiency

We at Tata Play have a robust ecosystem of financial models and tools, reflecting a data-driven and technologically advanced approach. We leverage ROI and ROC analysis, along with our in-house models to offer tailored solutions. By adopting an app-oriented approach, we look forward to streamline operations and enhance decision-making across the company.

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